InterCure To Buy Strategic Assets From Cannomed On Heels Of Its NASDAQ Debut

InterCure Ltd. INCR INCR INCR revealed on Thursday that it will buy strategic assets from Cannomed CNMD, an Israel-based company and owner of a pharmacy chain specializing in dispensing medical cannabis. The price of the acquisition was not disclosed.

The news comes on the heels of the company’s debut on the NASDAQ Global Market. One of Israel’s largest cannabis companies, InterCure is vertically integrated and concentrated on pharmaceutical-grade, GMP-certified branded products and branded product offerings with 100% retail penetration. At the moment, InterCure has partnerships with leading cannabis brands and suppliers including Tilray TLRY, Organigram OGI, Cookies and Charlotte’s Web CWBHF.

Cannomed Acquisition Details

Under the deal, InterCure will buy the following Cannomed's holdings:

• 55% of 'Max Pharm,' which operates two medical cannabis dispensing pharmacies;
• 100% of a pharmacy in the process of receiving its license;
• 51% of 'Hello Pharm' a medical cannabis patient support center.

"Intercure is further capitalizing on its growth momentum, which is supporting our move of leading the consolidation of the medical cannabis market," InterCure CFO, Amos Cohen stated. "This transaction with Cannomed is another step in the implementation of our strategy and strengthens InterCure's position."

The companies will partner in Cannomed innovative e-commerce platform for medical cannabis products. InterCure's medical pharmacy chain, 'GIVOL', will onboard this new platform throughout its various locations, adding a complementary e-commerce operation to GIVOL’s extensive retail footprint. The online platform is expected to go live, pending approvals from applicable Israeli regulatory authorities.

In addition, the two companies will also sign a medical cannabis cultivation and importation agreement, under which Cannomed will supply InterCure with medical cannabis.

Price Action

InterCure’s shares closed Thursday market session 4.74% higher at $7.07 per share.

Photo: Courtesy of Esteban Lopez on Unsplash